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Platinum Equity Makes Irrevocable Binding Offer of $225 Million for CBS Outdoor International

Press Release · July 16, 2013

Media & Communications

Los Angeles and New York (July 16, 2013) – Platinum
Equity and CBS Corporation (NYSE: CBS.A and CBS) announced today that an
affiliate of Platinum Equity has made an irrevocable binding offer to acquire
the assets of CBS Outdoor International (“CBSO International”). The proposed transaction represents a total
value of approximately $225 million and is subject to completion of works
council consultation and other conditions.

CBSO International is a leading outdoor media company and is among the
largest out-of-home media and billboard businesses in Europe, providing custom
media solutions to outdoor advertising agencies and direct clients in the United
Kingdom, Ireland, France, Italy, the Netherlands, Spain and China.

Platinum Equity Chairman and CEO Tom Gores
said he is very pleased to work with CBS on this transaction.

"This was a complex carve out that
required real collaboration between buyer and seller with a strong emphasis on
quality of execution," said Mr. Gores.
"We are fortunate to have developed a great relationship with CBS
throughout this process. With our international
reach and operational resources we can move quickly to complete a seamless
transition and create real value in this business."

CBS Corporation President and Chief
Executive Officer Leslie Moonves said: "Today's
news represents a key strategic milestone for CBS. As we continue to focus our
Company around creating and distributing premium content, we are very pleased
to announce that we will achieve very good value for these Outdoor
properties."

Bastian Lueken,
the head of Platinum Equity’s European M&A team who is leading the proposed
transaction, noted CBSO International has many strengths that make it an
attractive opportunity for Platinum Equity.

“CBSO International
is a well-established brand with valuable media assets and broad reach
throughout Europe,” said Mr. Lueken. “We look forward to rolling up our sleeves
and working toward new levels of success.”

About Platinum Equity

Platinum
Equity (www.platinumequity.com) is a global M&A&O® firm specializing in
the merger, acquisition and operation of companies that provide services and
solutions to customers in a broad range of business markets, including
information technology, telecommunications, logistics, metals services,
manufacturing and distribution. Since its founding in 1995 by Tom Gores,
Platinum Equity has completed more than 150 acquisitions.

About CBS Corporation

CBS Corporation (NYSE: CBS.A and CBS) is a
mass media company that creates and distributes industry-leading content across
a variety of platforms to audiences around the world. The Company has
businesses with origins that date back to the dawn of the broadcasting age as
well as new ventures that operate on the leading edge of media. CBS owns the
most-watched television network in the U.S. and one of the world’s largest
libraries of entertainment content, making its brand – “the Eye” – one of the
most recognized in business. The Company’s operations span virtually every
field of media and entertainment, including cable, publishing, radio, local TV,
film, outdoor advertising, and interactive and socially responsible media.
CBS’s businesses include CBS Television Network, The CW (a joint venture
between CBS Corporation and Warner Bros. Entertainment), Showtime Networks, CBS
Sports Network, TVGN (a joint venture between CBS Corporation and Lionsgate),
Smithsonian Networks, Simon & Schuster, CBS Television Stations, CBS Radio,
CBS Outdoor, CBS Television Studios, CBS Global Distribution Group (CBS Studios International and CBS Television
Distribution), CBS Interactive, CBS Consumer Products, CBS Home
Entertainment, CBS Films and CBS EcoMedia. For more information, go to www.cbscorporation.com.